Does RBI follow the revised guidelines regarding senior citizens while fixing rate of interest on FD?
The appellant filed an application under the Right to Information (RTI) Act with the Reserve Bank of India (RBI) seeking information regarding higher rate of interest on fixed deposits (FD) to the senior citizens by the banks. The Public Information Officer (PIO) provided some information to the appellant.
During the hearing the before Central Information Commission (CIC), the appellant stated that the notifications issued by Government of India (GOI) amending senior citizen’s definition from 65 years to 60 years, has remained on paper without implementation in the context of the expected facility of higher rate of interest that the senior citizens above the age of 60 should have got after the new definition. The appellant elaborated that the facility of the higher rate of interest is not being given to all the senior citizens. The appellant further stated that he just wanted the RBI to tell him about the status of implementation of the notifications he has referred to in his RTI application. The respondent stated that the appellant has already been informed that the RBI has not issued any instructions in respect of any facility of higher rate of interest to the senior citizens. The facility to the senior citizens is not in the context of any higher rate of interest in the context of income tax rebate. The respondent further submitted that the response of the RBI has been clearly stated but the RBI can give another letter further clarifying matters to satisfy the query raised by the appellant.
View of CIC
The Commission directed the respondent to inform the appellant about the status of the implementation of the GOI notifications referred to in the RTI application in the above context.
Citation: Mr. G. S. Gahlot v. Reserve Bank of India in Decision No. CIC/VS/A/2012/000643/03544
RTI Citation : RTIFI/2013/CIC/1409
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